| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 97.11% | 0% | 109.26% |
| 2024 |
|---|
| 6.8% |
The MJG partnership returned 109.26% in 2025, its second-strongest year since inception, benefiting from ferocious precious metals performance and the resurgence of US mining investment driven by China-US critical minerals tensions. The portfolio's 35% precious metals weighting and 30% US-focused investments significantly outperformed. However, silver's parabolic 148% surge historically signals impending precious metals corrections, prompting tactical repositioning. The partnership has reduced precious metals exposure below 30% and raised cash to 14%, the highest since mid-2022. Copper exposure increased to 43% across seven investments, reflecting positive bias without reliance on further price appreciation. The prospect generation business model now represents 37% of the portfolio, positioned for 2026's expected exploration boom. While fresh capital inflows support near-term performance, the base case anticipates precious metals leadership transitioning to industrial metals, critical minerals, and energy. The partnership maintains disciplined bottom-up investing focused on management quality, asset fundamentals, and catalysts while preserving flexibility for the evolving commodity cycle.
The MJG partnership capitalizes on undervalued natural resource investments through bottom-up analysis focused on management expertise, asset quality, and company-specific fundamentals, while tactically positioning for a transition from precious metals leadership to broader commodity complex outperformance.
The MJG base case envisions a blend where the precious metals bull run stalls in the relatively near term, with leadership passing to industrial metals, critical minerals, agriculture, and energy. This baton-pass phase seems unlikely to match the twenty-month duration experienced between 2020-2022, as today's environment is characterized as the late innings of an economic cycle.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 11 2026 | 2025 Q4 | ALS.TO, BRVO.TO, ELE.TO, KLD.TO, KRY.TO, LRA.TO, RDG.TO | commodities, Copper, Critical Minerals, Exploration, Mining, natural resources, Precious Metals | - | MJG delivered 109% returns in 2025 riding precious metals and US mining resurgence, but silver's parabolic move signals historical correction risk. Portfolio tactically repositioned with reduced precious metals exposure, increased cash, and 43% copper weighting. Prospect generation focus positions for 2026 exploration boom while maintaining discipline for commodity leadership transition from precious metals to industrial complex. |
| Jul 7 2025 | 2025 Q2 | ALS.TO, BRVO.V, ELE.V, KLD.V, KRY.V, LRA.V, RDG.V, SME.V, STRR.V | Canada, Copper, crypto, Exploration, gold, Mining, PGMs, royalties | - | MJG Capital delivered 35.77% returns in H1 2025, outperforming through concentrated natural resource investing. The fund's copper and gold focus benefits from shifting capital flows away from overvalued US equities. Tether's crypto capital entry into mining via Elemental Altus signals broader institutional interest. Strong performance from Kenorland and Bravo Mining validates the people-first investment approach in neglected asset classes. |
| Jan 20 2025 | 2024 Q4 | ALS.TO, BRVO.TO, ELE.TO, KLD.TO, KRY.TO, LRA.TO, RDG.TO, SME.TO, STRR.TO | commodities, Copper, Development, Exploration, gold, Junior miners, Mining, natural resources | KRY.TO | MJG Capital returned 6.76% in 2024 despite late-year sector weakness, maintaining focus on undervalued natural resource equities through bottom-up fundamental analysis. The fund is fully deployed in mining and royalty companies, with 36% copper exposure, betting on eventual sector rotation as chronic underinvestment in critical industries creates both systemic risks and compelling opportunities for patient capital. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Precious MetalsSilver's 148% surge in 2025 signals a parabolic move that historically precedes painful corrections in precious metals. The fund reduced precious metals exposure below 30% and plans no new investments in this space, expecting near-term underperformance despite potential continued upside. |
Gold Silver Platinum Palladium Mining |
CopperCopper exposure increased to 43% of the portfolio across seven investments, representing the highest single-metal weighting since 2020. The fund views copper favorably for 2026, with positions offering appreciation potential independent of further price increases through drilling, permitting, or M&A activity. |
Copper Industrial Metals Mining Development | |
Critical MineralsThe resurgence of US mining investment driven by China-US tensions over critical minerals benefited the fund's US-focused positions, which averaged 155% share price increases. This represents a structural shift supporting domestic mining development. |
Critical Minerals US Mining Geopolitics Supply Chain | |
MiningMining equities transformed from unloved to mainstream with gold, silver, and copper at all-time highs. The fund expects 2026 to see a boom in exploration activity as fresh capital flows into the space, though warns of potential overheating in precious metals specifically. |
Mining Exploration Resource Commodities | |
| 2025 Q2 |
CopperCopper remains the highest weighting by metal at 35% of the portfolio across six holdings. Each copper-focused investment presents opportunity for share price appreciation through drilling, permitting success, or M&A activity without reliance on further copper price increases. |
Copper Miners Exploration Development Permitting |
GoldGold comprises 23% of portfolio allocation. The fund benefits from record gold price environment and sees potential for continued outperformance as capital flows away from US equities toward neglected asset classes like precious metals. |
Gold Gold Miners Precious Metals Royalties | |
CryptoTether's acquisition of controlling stake in Elemental Altus marks the first occasion that crypto capital has found its way into the mining sector in any significant manner. This could herald broader non-traditional capital entering mining. |
Crypto Stablecoins Digital Assets Mining | |
Platinum Group MetalsPGM prices have rebounded dramatically with palladium up 25% and platinum up 55% in 2025. Palladium and platinum comprise approximately 75% of the value of Bravo's Luanga deposit, driving strong performance. |
Platinum Palladium PGMs Battery Metals | |
Junior MinersThe fund focuses on backing talented, ethical, well-incentivized teams at reasonable valuations. The prospect generation business model is poised to attract renewed investor attention as speculative capital ventures down-cap into exploration. |
Junior Miners Exploration Prospect Generation Small Caps | |
Gold RoyaltiesRoyalty and streaming business model has officially gone mainstream with Tether's entrance. The fund holds multiple royalty positions including Altius Minerals with its valuable Expanded Silicon Project royalty worth over C$500 million. |
Gold Royalties Streaming Royalties Passive Income | |
| 2024 Q4 |
CopperCopper remains the highest weighting by metal at 36% of the MJG portfolio, reflecting a positive bias for the coming years. Each copper-focused investment presents opportunity for share price appreciation through drilling, permitting success, and M&A activity even if copper prices remain at current levels. |
Copper Miners Development Exploration M&A |
Junior MinersThe mining sector has been starved of capital for the better part of a decade, with TSXV-listed junior miners seeing precipitous drops in funds raised. This neglect creates opportunity for outsized returns by investing in skilled, well-incentivized teams focused on assets with enough scale to matter. |
Exploration Development Capital Deployment Discovery | |
GoldGold exposure at 18% of portfolio, with the metal experiencing a powerful 27% move in 2024. Despite this price appreciation, gold mining equities underperformed significantly, creating potential opportunities for patient investors. |
Gold Miners Gold Royalties Precious Metals | |
PhosphatePhosphate markets remain deeply depressed after a brief spike in Q2 2022 following Russia's invasion of Ukraine gave way to a multi-year collapse in prices. The MJG partnership's ag mineral investments present opportunity for share price appreciation even in the existing pricing environment. |
Fertilizers Agriculture Commodity Cycle | |
PotashPotash markets remain deeply depressed similar to phosphate, but the MJG partnership's exposure at 7% of portfolio is positioned to benefit from any tailwind of rising potash prices while still presenting opportunity in the current environment. |
Fertilizers Agriculture Commodity Cycle |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 20, 2025 | Fund Letters | MJG Capital Fund | KRY.TO | Koryx Copper | Materials | Metals & Mining | Bull | TSX Venture Exchange | Africa, Copper, development, infrastructure, management, Mining, Namibia, Porphyry | Login |
| TICKER | COMMENTARY |
|---|---|
| ALS.TO | Altius Minerals was the Featured Investment in the January 2024 MJG partnership letter. The Altius position was first initiated at C$7.90 per share in April 2020. Subsequent open market purchases, as recently as in June 2025, have increased the MJG partnership's cost basis to C$12.74 per share. For Altius shareholders, 2025 will be remembered as the year when the company pulled the trigger on two high stakes transactions in remarkably quick succession. On July 23rd, Altius announced that it had sold 2/3 of its 1.5% NSR covering the world-class Arthur Gold Project to Franco Nevada for US$275 million. In the intervening period, Brian reminded shareholders that historically Altius had shown itself willing to sit on dry powder for extended periods and would by no means rush into a transaction. It thus came as a surprise to many to see a December 22nd announcement that the company was paying C$520 million in cash and shares for Lithium Royalty Corp, the single largest transaction in Altius company history. With this purchase, Altius is acquiring thirty-seven lithium royalties – including four cash flowing royalties and another twelve covering advanced stage projects with completed economic studies. Altius expects the acquisition to add C$40-60 million in annual royalty revenue by the end of the decade at current spot lithium prices. Viewing these deals in tandem, Altius in essence swapped a 1% NSR at the Arthur Gold Project for the world's single largest portfolio of lithium royalties. The market has reacted relatively well to the Lithium Royalty Corp acquisition, with the Altius share price up nearly 9% since the announcement. Altius Minerals remains a quintessential compounder, with Brian sharing at the spring 2025 AGM that the company had achieved a CAGR including dividends of 20.3% since its founding in 1997. This figure has only improved further, with the Altius share price up nearly 70% in the eight months since. |
| BRVO.TO | Bravo Mining was the Featured Investment in the January 2023 MJG partnership letter. The Bravo position was first initiated in a pre-IPO financing at US$0.50 in early 2022. Shortly after the latest MJG partnership letter was published, Bravo released a PEA for its Luanga Project. This study provided the market with its first glimpse of Luanga's potential economics and included two development scenarios, with the 'Base Case' assuming flotation concentrate sales to a third-party refiner and the 'Alternative Case' envisioning the inclusion of a smelter for a vertically integrated operation. On face value, the economics of each scenario were excellent – with both yielding after-tax IRR's of 49% and after-tax payback periods of 2.4 years at assumed metal prices of $1271 Pd and $1500 Pt. The Base Case included an initial capex figure of US$496 million and an after-tax NPV8 of US$1.25 billion, resulting in a stellar NPV / initial capex ratio of 2.52. Naturally, the Alternative Case outlined a higher initial capex figure of US$678 million due to the inclusion of a smelter; however, the NPV / initial capex ratio further improved to 2.74 given an increase in the after-tax NPV8 to US$1.86 billion. In addition to these headline numbers, the sheer scale of the operation impressed – with Pd+Pt+Rh+Au production averaging 437,000 ounces per annum over the 17 year mine life. Aside from the PEA, the other significant company-specific development in recent months was the approval in early November of a new Export Processing Zone (ZPE) near the Port of Vila do Conde, with Bravo designated as the 'anchor company' for the ZPE. This marks the only time since Brazil's first Export Processing Zone was established in 1988 that a mineral project has been selected as the anchor, a credit to the unparalleled ability of CEO Luis Azevedo and his team to operate within Brazil. The significance of this development was not lost on the market, with the BRVO share price jumping by 20% within five trading days of this announcement, as investors recognized that Bravo's attractiveness as a M&A candidate had substantially increased. |
| ELE.TO | Altus Strategies was the Featured Investment in the January 2022 MJG partnership letter, with company updates continuing in subsequent letters after Elemental Altus was formed in a merger between Altus and Elemental Royalties in August 2022. Most recently, Elemental Altus merged with EMX Royalty Corp to form Elemental Royalty in mid-November 2025. We continue to hold our position in the combined company, with a post-consolidation cost basis of C$13.60 per share. The merger between Elemental Altus and EMX Royalty was a long time coming, with on and off talks persisting for a matter of years before an agreement was struck in early September to combine the two companies in an all-share deal. Tether's involvement as a significant Elemental Altus shareholder was a deciding factor in getting the transaction across the finish line, with the stablecoin group committing to a US$100 million capital injection into Elemental concurrent with the merger. Upon completion of the transaction, Elemental and EMX shareholders owned approximately 51% and 49% of the merged entity, respectively, on a fully diluted basis. But far and away, the most significant strategic benefit of this transaction is the increased scale of the combined entity. While scale may not be everything in the royalty business, it certainly goes a long way. A larger platform (a) provides diversification across a broader base of royalty assets, (b) typically results in a higher NAV multiple, and (c) opens the door to inclusion in the GDX, GDXJ, and various other ETFs, with each of these benefits feeding into a lower cost of capital. Elemental Royalty has the wind at its back. Even assuming no further M&A, there is the potential for up to seven of the company's development-stage royalties to achieve first cashflow within the next three years. |
| KLD.TO | Kenorland Minerals was the Featured Investment in the July 2023 MJG partnership letter. The Kenorland position was initiated via a February 2020 financing at C$0.25 while the company was still private. The partnership's cost basis has increased to C$0.59 after participation in a subsequent financing at C$1.00, as well as numerous open market purchases. The Kenorland share price appreciated by approximately 105% over the course of 2025, marking the second consecutive year in which the KLD share price has doubled. The market continues to reward Kenorland for its flawless execution of the prospect generation business model since the company's formation nearly a decade ago. Kenorland shareholders were treated to an early Christmas present with the release of the long-awaited maiden resource at the Frotet Project, over which Kenorland holds a hefty 4% NSR. The resource did not disappoint, outlining 2.55 million inferred ounces at an average grade of 5.47 g/t Au. This was based on 127,217 meters over 289 drill holes, a relatively modest amount of drilling for this style of high-grade orogenic system. The Kenorland share price responded well to this development, rising nearly 14% within a couple days of the maiden resource announcement to an all-time high of C$2.84. The key question at the Frotet Project has definitively shifted from 'Is this big enough to become a mine?' to considerations surrounding how quickly it can get into production and how large the throughput will ultimately be. This of course has significant implications for the value of Kenorland's royalty in the eyes of potential acquirers, of which there are many. The Kenorland team continues to execute on the prospect generation business model at an elite level, with its shareholders being rewarded for these efforts. |
| KRY.TO | Koryx Copper was the Featured Investment in the January 2025 MJG partnership letter. The position was first initiated in a June 2024 private placement priced at C$0.60. Subsequent open market purchases, as recently as in late August, have lifted the MJG cost basis to approximately C$0.85 per share. From a high level, CEO Heye Daun and Chairman Alan Friedman appear to have caught the copper cycle flush. Remember that Heye and Alan took the helm of Koryx just under eighteen months ago, with the copper price closing at $4.05 per pound on the day that they formally stepped into their roles. Fast forward to the present day and the copper price is trading near all-time highs at just under $6.00 per pound, while company operations are in full swing as Koryx pushes towards either a Final Investment Decision or sales process in 2027. For the company and its shareholders, things couldn't be going any better. Since the latest MJG partnership letter, the most significant company milestone was the release of the Updated PEA in early September, providing the market with its first look at the Haib Project through the lens of a conventional milling and flotation operation. At an assumed price of $4.31 per pound copper, the PEA yielded an after-tax NPV8 of US$1.35 billion, an after-tax IRR of 20.1%, and an after-tax payback period of 3.9 years. The initial capex was estimated at US$1.56 billion, with an all-in sustaining cost of $2.47 per pound over the projected 23 year mine life. By virtue of the project's significant scale and relatively low grade, Haib offers greater torque to the copper price than most any of its copper development peers. This degree of leverage is of course a double-edged sword but is currently auguring to shareholders' benefit in the current price environment, with the Koryx share price surging to a high of C$2.96 in early January after trading below C$1.00 as recently as early September 2025. To conclude, Koryx is the best positioned holding within the MJG portfolio to capitalize on the surging copper price. |
| LRA.TO | Lara Exploration was the Featured Investment in the January 2020 MJG partnership letter. The position was first initiated in November 2019 at C$0.44, with subsequent open market purchases lifting the MJG cost basis to C$0.67 per share. The Lara share price appreciated by approximately 86% over the course of 2025, an impressive follow-up to the 168% increase posted in 2024. While Lara still retains its prospect generation business model, the fate of the company's share price for the foreseeable future will hinge on developments at its 100%-owned Planalto Copper Project in the Carajás Mineral Province of Brazil. On this front, Lara announced the results of a long-awaited PEA at Planalto on October 21st. In short, the economic study outlined a tidy, medium-sized operation that has a genuine chance of becoming Brazil's next greenfield copper project to make it into production. At assumed prices of $4.31 per pound copper and $2500 per ounce gold, the PEA yielded an after-tax NPV8 of US$378 million, an after-tax IRR of 21%, and an after-tax payback period of 3.5 years from first production. The initial capex sits at US$546 million, with an all-in sustaining cost of $2.79 per pound over the projected 18 year mine life. While Planalto is not the largest of copper development projects, the merits of the asset are evident. For these reasons, Planalto presents as a prime M&A candidate for any midtier miner seeking a no-frills copper development asset with near-term production potential. While it has taken some patience, the MJG partnership's investment in Lara Exploration is bearing fruit. Despite the Lara share price more than quadrupling in the past twenty-four months, the company's enterprise value remains below US$100 million. With the copper price breaking to all-time highs and Planalto being hurried along the development track, there is plenty of room for a further re-rate over the course of 2026. |
| RDG.TO | Ridgeline Minerals was the Featured Investment in the July 2024 MJG partnership letter. The Ridgeline position was first initiated in a September 2022 financing priced at C$0.20. Between participation in two subsequent financings and a series of open market purchases, the MJG partnership's cost basis sits at an average of C$0.16 per share. Ridgeline has just completed its busiest year since inception, with five of the company's Nevada-based projects drilled over the previous twelve months. While results from these programs have only been partially received, it has become clear that Ridgeline's future hinges on two of these projects: the Selena Project in partnership with South32 and the Swift Project in partnership with Nevada Gold Mines. On November 4th, Ridgeline announced a genuine discovery at Selena with drill hole SE25-053, which intercepted 8.6 meters at 10.4% Zn, 21.1 g/t Ag, 0.3% Pb, 0.1% Cu, 0.1 g/t Au, 0.1% Sb (11.4% ZnEq). This was followed by a deeper intercept within the same drill hole of another 8.7 meters at 7.0% Zn, 13.9 g/t Ag, 0.3% Pb, 0.1 g/t Au, 0.1% Cu, 0.01% Sb (7.3% ZnEq) announced on December 18th. This marks the first massive sulfide intercepts in the project's history, a vindication for Ridgeline CEO Chad Peters and VP Exploration Mike Harp who have been pounding the table on this potential for years. For their part, South32 appears enthused by these initial results – with Chief Development Officer Simon Collins first drawing parallels between the Selena Project and Hermosa before stating that 'we are all excited to advance this project in the months and years ahead'. A prospect generator like Ridgeline couldn't ask for better signaling from a key partner. Despite these reasons for encouragement, the Ridgeline team undoubtedly was chagrined to see the company's share price sell off by approximately 27% on the day of the November 4th press release. Since its formation in 2018, the Ridgeline team has demonstrated the ability to both secure prospective projects within world-class mineral trends and bring name brand partners into the fold. At long last, the company's determined efforts have yielded a legitimate discovery at Selena in concert with South32. |
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